Fake Forex Brokers List in the UK

Blacklist of Forex brokers in the UK

Fake brokers are well aware that having a British registration and FCA license is highly respected. That is why many such companies falsely indicate the presence of such a permit on their platforms. Moreover, they steal other people's banking details from the open register of legal entities of the Companies House and pass them off as their own. The scammers hope that novice traders will not go into legal details and verify the information.

You can see the Forex scammer list in the table below. The British regulator has already warned the public about the dangers of partnering with them.

FCA Warning

The Traders Union will tell you about the main signs of a scam that its experts detected in these companies. Be careful; don't fall for the empty promises of financial scammers!

Lucror Capital Markets

Lucror Capital Markets LP is a brokerage company registered in New Zealand. This company promises profitable cooperation with both institutional clients and retail traders. However, real users in their reviews note that this company has major non-compliance issues with both trading and payment discipline. It pursues exclusively its own interests and does not care about the comfort and safety of trading.

Zenfinex

Zenfinex was founded in 2017, and initially, the company received an FCA license. The broker promises comfortable trading in currency pairs, indices, commodities, and spot metals. The financial partner has a universal MT4 terminal, a demo account with 10,000 virtual dollars, and a bunch of "goodies". However, all promises remain unfulfilled. It is because of numerous complaints that this company was blacklisted by the British regulator, and its license was revoked.

Europa Trade Capital

Europa Trade Capital is an offshore broker registered in Saint Vincent and the Grenadines. The brand is managed by FD Trade Llc. The company claims to have been successfully providing services for 20 years. At the same time, it has not yet taken care of regulation. The FCA blacklisted this broker because numerous complaints were received against it and because of non-compliance with trading and payment discipline. There are several tariff plans, and access to margin trading with a leverage of up to 1:500. The minimum losses in the project are $10,000.

Brown Finance

On the Brown Finance platform, it is stated that the brand is managed by Old Mutual Funds and Wellness Management. The broker promises a wide range of tools for increasing capital such as transactions with stocks, digital currencies, etc. According to its false claims, this brokerage company is the leader of the FinTech revolution. However, the company neglects to get a license. Moreover, the FCA has already included Brown Finance in its blacklist of brokers and warned the public about the dangers of cooperation with it.

Saxofx-24

The platform states that Saxofx-24 was created by a group of traders. Initially, it was an education center, but then in 2018, the company moved into the category of Forex brokers. The website promises excellent customer support, transparent trading conditions, and an entry threshold of $250, even for beginners. It sounds tempting, but in the reviews, real clients are writing many complaints about this broker. Actually, that's why he was blacklisted.

BenefFX

BenefFX is an offshore brand from the Marshall Islands. It is owned by Optium Ltd, which does not have any license. The platform offers trading of 1,000+ assets, including currency pairs, indices, stocks, cryptocurrencies, and commodities. The entry barrier is $250. There are opportunities for margin trading, training, and support from a personal manager. The brokerage organization got onto the Forex scam list of FCA because of numerous negative reviews.

TDX Markets

TDX Markets presents itself as one of the most progressive and fast-growing brokers, cooperation with which is open to both professionals and beginners. The platform website states that the broker is managed by an offshore company from Saint Vincent and the Grenadines and registered in the island state in 2019. The platform does not have a license for legitimate activities, but there are many complaints from clients who have suffered from these scammers.

FCA Warning

PRB Capitals

PRB Capitals calls itself a British broker, but it operates in the UK illegally. The FCA could not ignore such impudence and quickly added the organization to its blacklist. However, this fraudulent broker continues to work and lures beginners with a wide range of tools, promises of transparent financial policies, and the opportunity to practice for free. The initial deposit is $100.

Global FX

Global FX is a Canadian broker registered in 2009. The company claims that it operates under STP technology and provides access to trading a wide range of assets (1200+ financial instruments). Despite the promises of faithful and stable work, this broker has no legal grounds for activity. Traders note that the organization refuses to fulfill its obligations and does not guarantee the withdrawal of funds.

Baimaas FX

Baimaas FX states it has been operating since 2020 and is registered in the UK. However, the company does not have a license, it is a broker that refuses to bear financial responsibility, or compensate for the losses caused to its traders. The entry barrier is $5, but with the use of psychological pressure and empty promises, the company manages to deceive investors into parting with four-digit amounts.

DEVON FINANCE FX

Devonfinanceltdfx is an unregulated forex and CFD broker based in the British Virgin Islands. It lacks regulation by any financial authority, raising concerns about its legitimacy. The company purports to provide a range of financial services, including forex, cryptocurrency, and binary options trading; however, there is no substantiation of these claims. Regrettably, Devonfinanceltdfx is a fraudulent operation that preys on unsuspecting individuals by offering unrealistic returns. The Financial Conduct Authority (FCA) has issued a strong warning, particularly for traders in the UK, advising against engaging with this dubious broker.

UproFx

UproFX is a CFD brokerage operating from Estonia. It is critical to note that UproFX has a parent company named Yield Enterprise Currency Software. Being a child company adds more trust to a Brokerage. This trust occurs since should the broker get involved in shady business, the parent company will also get affected.

However, UproFX does not hold any license from any Forex authority. Additionally, the broker is suspected of being a fraud since it has never been checked for compliance and safety ever since its establishment. This state of affairs means that the broker may conduct business in any way it deems fit, including unlawfully.

The UproFX website lacks transparency regarding regulatory compliance and client terms. User reviews from various websites suggest unresponsive customer support and difficulties in withdrawing funds. Such factors raise concerns regarding the credibility of this broker. Therefore, traders are advised to exercise caution before engaging UproFX as the broker of their choice.

Trade Global Market

Trade Global Market presents itself as a global trading platform. However, a deeper analysis reveals several issues. For instance, it lacks regulatory information, which is a common trait among fraudulent brokers. Users have reported instances of difficulty accessing funds and sudden account closures. Such issues indicate potential malpractices by the broker.

The company is owned and operated by TCM Financial LLC, which claims to be located in Tbilisi, Georgia. On its website, it claims to be a leading online trading brokerage specialising in international financial markets. It offers to trade with different currency pairs, indices, and CFDs. However, a deeper check shows that Trade Global Market is not regulated nor checked for safety, making it unsafe to trade with the company.

Also, the company’s address on the website actually belongs to a company named Zixipay Limited. Zixipay is a Georgian-based Payment Service Provider that is registered and regulated by the National Bank of Georgia. Therefore, Trade Global Market uses the address of another authorised entity to fool customers.

Kaya FX

KayaFX claims to provide a comprehensive trading experience for its customers. However, a thorough analysis of its website shows a lack of transparency, especially in terms of use. The terms and conditions show that clearing and billing is done by Hermes Solution DOO, which is based in Montenegro. However, reports from users highlight issues such as unresponsive customer support and delayed payments. Such issues cast doubt on the legitimacy of KayaFX.

KayaFX states that it enables trading in the most popular assets, including stocks, CFDs, commodities, currency pairs, and major financial indices. The company is owned and operated by AlphaTec Ltd. It also claims that it is located in Leeds, England. However, the company lacks a valid licence from the FCA (Financial Conduct Authority), which is the UK regulator. The company also mentions that the laws of Estonia govern its relations with its clients. Such inconsistencies raise doubts about the credibility of the broker.

How To Spot and Avoid Forex Scams?

Here are five valuable tips to help you spot and avoid forex scams:

Choose Regulated Companies

Stick to reputable brokers regulated by recognized financial authorities such as the Financial Conduct Authority (FCA) in the UK, the Securities and Exchange Commission (SEC) in the US, or the Australian Securities and Investments Commission (ASIC). Regulatory oversight ensures that the broker operates within established guidelines, providing a layer of protection for your funds.

Conduct Due Diligence

Before engaging with a forex broker, thoroughly research their background and reputation. Look for reviews, testimonials, and any history of complaints or regulatory actions. A reputable broker will have a transparent track record and positive feedback from traders.

Beware of Unrealistic Promises

Be cautious of brokers or individuals who promise extraordinary profits or guaranteed success. Forex trading involves inherent risks, and no legitimate broker or trading strategy can guarantee consistently high returns. Avoid falling for empty promises and get-rich-quick schemes.

Check Transparency and Legal Compliance

Legitimate brokers have clear and transparent information available on their website, including their physical address, contact details, and licensing information. Verify their compliance with regulations and ensure they adhere to industry standards.

Avoid Unregulated or Offshore Brokers

Exercise caution when dealing with brokers based in countries or jurisdictions known for lax regulations. Offshore brokers, especially in locations with weak oversight, are often associated with higher scam risks. Prioritise brokers operating within well-established financial centres that enforce strict regulatory frameworks.

The best Forex brokers in the UK

1

9.4/10

Go to broker

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

Minimum deposit:

$50

Bonus for deposit:

0%

Regulation:

CySEC, FCA, ASIC

Review

The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details

Pros/Cons

•the minimum transaction amount for copying is $1;

•handy functionality for passive investing;

•regulated by independent monitors;

•it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);

•it is possible to buy shares at once (not CFDs) on the US stock exchanges.

•high spreads;

•periodic technical failures in order execution;

•lack of the most popular platforms such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;

•no access to ECN systems, orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;

•there is a commission for withdrawing funds;

•impolite support staff;

•inconvenient website.

Study Review

2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

No minimum

Bonus for deposit:

0%

Regulation:

FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA

Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit from 1 dollar.

•A large selection of the most popular trading instruments.

•Several reliable and reputable financial regulators.

•Inconvenient and poorly functioning site.

•Lack of cent accounts.

•Lack of bonus programs.

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